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Updated almost 3 years ago on . Most recent reply

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Anthony Freeman
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327
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Frequency of turnover costs

Anthony Freeman
Posted

As a multifamily property investor I should get used to spending some amount of money on every turnover process 

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248
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Laura Stayton
  • Property Manager
  • Delaware
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248
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Laura Stayton
  • Property Manager
  • Delaware
Replied
Quote from @Richard F.:

I would add, if you are having frequent turnover, there must be some underlying cause. Properly marketed, with well screened Tenants, a properly prepared rental unit should typically not turnover Tenants for several years. 


 Agree.  Or could be that the renewal rent is way too high.  We always recommend a smaller rent increase than market rent for good paying tenants in order to incentivize them to stay.  The turnover costs will wipe out profit and be tough to recoup if you're doing it every year

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